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Lehi Bank Foreclosure

How to Buy a Lehi Bank Repo

Search Bank Repos & HUD Homes: Lehi Utah Bank Foreclosures

Team Teasdale Realty specializes in helping buyers buy Lehi bank foreclosures. Many pre-foreclosure homes that were once offered as short sale in Lehi, UT end up as a foreclosure, which are eventually deeded to the bank. The reason why purchasers may refuse to buy a short sale home could be any of the following:

1) Sellers stripped foreclosure home’s assets and / or vandalized the property.
2) Bank refused to accept less than its present mortgage balance.
3) Buyers passed by the short sale in favor of a hassle-free purchase.
4) Location of the home and / or neighborhood was undesirable.
5) Listing was overpriced at mortgaged amount.
6) Seller did not qualify for a short sale.
Lehi Utah Bank Foreclosures.

Lehi Bank Repo Houses, Federal Homes, Distressed Properties, and Commercial Forclosures are all at your fingertips with All foreclosures, HUD, VA, and other government property home lists and listings are represented.

Search our database of Lehi foreclosures. If you choose to register you WILL NOT be sent spam emails and you can cancel your listings subscription at anytime via email. It is a very popular service for finding bank foreclosures before the crowd.

The Principal Broker Paul Teasdale will answer any of your Lehi UT, Real Estate related questions. Call Paul at 801-491-7653.Few Buyers in Lehi Utah buy houses at foreclosure auctions. More commonly, consumers buy Lehi Bank repos from the banks that seized them. They pick them up with the help of a Lehi Realtor. The term for such houses is REO, for real-estate owned by a bank.

Lehi Bank Foreclosure

Amanda’s Testimonial About Buying a Foreclosure

Are you looking to buy a Lehi  Bank Foreclosure? If so, Team Teasdale Realty has help many buyers buy a Lehi Bank foreclosure. Here is a testimonial from Amanda about how we just helped her get a Lehi Bank Foreclosure.

Here is a quote from Amanda: “My house hunting experience was a long one before finding Team Teasdale. Not only were they extremely professional but 100% confident in what they do. We had walked through a lot of houses and had offers on several short sales, before Team Teasdale.”

Hire a Realtor that Sells Lehi Bank Foreclosures

Team Teasdale Realty and their Real Estate Agents specialize in selling REO properties in the Lehi area. Team Teasdale Realty has sold many Lehi Bank Repo over the years.

A good share of REO houses are decrepit. Many sit empty for months before they are sold, and they end up in such bad shape that they are ineligible for mortgages. Investors often buy these REOs with cash, fix them up and sell them, just like the house flippers of the boom years. Believe it or not it is still possible to flip a home in Lehi and make money. This will take patience and skill to get a home way under value that is worth your time to flip.

Almost all REOs are listed through real-estate agents. The principal broker of Team Teasdale Realty knows how to buy a bank foreclosure before the crowd. Paul Teasdale has been selling homes in Utah County since 1995.  Paul carefully follows the short sales and waits for them to fall into foreclosure. If you catch them they day their status changes you are the first and often only buyer. This is the way to buy a Lehi Bank Foreclosure. If you would like help finding a Lehi Bank Repo contact Paul Teasdale with Team Teasdale Realty. Follow the link below to find a Lehi bank repo:

Lehi Bank Repos

buy a Lehi utah bank foreclosure

Before Moving To Lehi Utah

Moving to another city requires an intensive planning.  This may start from listing all the things that you have to do and their time frame.  In doing so, you will be assured that you will carry out things on time and nothing is missed out. Make a list and cross each item out one at a time. Basically, get really organized.

Seek Help from Realtors in Lehi Utah

Moving to Lehi, Utah can be a big task and it would be wise if you seek help on matters that pose problems as you execute your plan.  One of the best ways to do this is to seek a Lehi Utah Realtor who could give you facts about the different neighborhoods and schools within the city. There are many Realtors around Lehi but you have to look for someone who is trusted in the area.

What is a Lehi Bank Repos?

The bank now owns the property and the mortgage loan no longer exists. The bank will handle the eviction, if necessary, and may do some repairs. Fannie Mae and Freddie Mac will often repaint and recarpet homes in Lehi prior to selling them. Fannie Mae and Freddie Mac would just put the homes on the market and sell them as-is. However, it seems they realize they can get more money by making the home look cleaner and doing some repairs.

A bank will negotiate with the IRS for removal of tax liens and pay off any homeowner’s association dues. As a purchaser of an REO property, the buyer will receive a title insurance policy and the opportunity to investigate the property. A Lehi Utah bank foreclosure will be sold with a clean title.

A bank owned property might not be a great bargain. Do your homework before making an offer. Have one of the Realtors with Team Teasdale Realty do a comparative market analysis. They will help you determine if the Lehi home is a good deal or not.

Make sure that the price you pay is comparable to other Lehi homes in the neighborhood. Consider the costs of renovation, including time to complete them. Don’t get caught up in a ‘bidding war’ and pay over market value. It’s an old myth that “foreclosures” are a bargain. You can get a good deal but it takes knowledge and experience to make this happen. Be sure to hire Team Teasdale Realty to represent you when you are ready to buy a Lehi Utah bank foreclosure.

lehi utah bank foreclosures

Bank Foreclosures Homes Continue to Rise in Lehi, Utah

Lehi Utah had 785 homes SOLD in 2011. These homes consisted of Bank Foreclosures, Short Sales, HUD Homes, Fannie Mae and Freddie Mac Homes. The 785 homes included the typical residential seller in Lehi that was not experiencing a distressed situation. Approximately, 25% of the homes sold in Lehi were short sales in 2011.

I have crunched some numbers to see how the foreclosures in Utah County compare to one another.  The most stable city is Orem and the least stable is Springville. Lehi is relatively stable compared to the other cities in Utah County. Saratoga Springs and Eagle Mountain had a higher percentage of bank foreclosures.

21% of the homes sold in Orem, Utah in 2011 were bank foreclosures.
22% of the homes sold in Provo, Utah in 2011 were bank foreclosures.
23% of the homes sold in Mapleton, Utah in 2011 were bank foreclosures.
24% of the homes sold in Spanish Fork, Utah in 2011 were bank foreclosures.
28% of the homes sold in Springville, Utah in 2011 were bank foreclosures.

It is hard to imagine that half of the homes sold in Lehi, Utah were either bank foreclosures and short sales. The amount of bank foreclosures and shorts sales will continue into 2012. In speaking with many of the Realtors that represent the banks in Utah County they have made it clear the inventory will continue. If the supply of bank foreclosures and short sales continue into 2012 then may experience a continued price decline into 2012. I think the prices will either stabilize or go down around 2% in Lehi in 2012. Prices will certainly not go up. The bubble has burst!

Many Realtors in the market feel 2011 was a good year. I think 2012 will result in more homes sold in Lehi but the Lehi Bank Foreclosure market should decrease.


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